COVID-19 News

• The SBA plans to roll out the Restaurant Revitalization Grant (RRG) as soon as early April
• Who’s eligible and who’s not
• How is the RRG calculated and how can the funds be used?

The Restaurant Revitalization Plan is a $28.6 … Continue reading

• NYS has yet to release guidance regarding the state’s stance on federal unemployment compensation tax exemption
• Will Cuomo follow the Fed or will unemployed New Yorkers see lofty tax bills?

The jury’s still out on whether New York will be … Continue reading

• SVOG Applications open on April 8
• Who qualifies, how to apply, and qualified expenses breakdown
• Are PPP recipients eligible for SVOG?

The Shuttered Venues Operators Grant (SVOG) was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues … Continue reading

• Targeted EIDL Advance seeks to replace old EIDL Advance
• Who qualifies and how to apply
• Is the Targeted Advance taxable?

The Economic Injury and Disaster Loan (EIDL) is a decades-old disaster relief fund. Originally capped at $2 million, the … Continue reading

• The SBA targets early April to launch several updates to COVID-19 relief loans and grants

PPP Loan Application Deadline Extended to 5/31

This past Tuesday, Biden officially signed off on the PPP loan application extension, now allowing prospective loan … Continue reading

• Senate passes bill extending PPP application deadline by two months
• Are there still funds to support 60 more days of loan applications?

Last week, Senate passed the PPP Extension Act of 2021, permitting a sigh of relief amongst those … Continue reading

• Invest in Our New York Act (“the Act”) targets high earners for major boosts to state revenue
• The proposed plan includes a total of six new tax bills
• Tax benefits to go to communities most affected by COVID-19

A new … Continue reading

• Cuomo to say “NO” to following federal unemployment exemption?
• New York State (NYS) Senators call for Governor to take action

As predicted, this past weekend, NYS announced its plan to follow suit on the federal individual tax return deadline… Continue reading

• After looming uncertainty over new retroactive unemployment credits, IRS clarifies specifics
• Those who qualify but have already filed: do not amend your return

The IRS has released a statement last week—not yet official guidance—regarding the American Rescue Plan’s (ARP) new … Continue reading

• What does the new deadline really mean for taxpayers?
• What was extended and what remains due on April 15

Filing Extension Explained:

On Wednesday, the IRS announced the official extension of this year’s individual federal tax return filing deadline to … Continue reading